What's an eCommerce payment gateway?
A payment gateway verifies the buyer’s card details securely, guarantees the buyer’s account has enough funds to make the purchase and finally allows merchants to receive funds. Payment gateways function as an interface connecting a merchant’s eCommerce website and its acquiring bank. It uses encrypted messages to transfer sensitive credit card details between the acquirer’s bank and the issuer’s bank. In short, the payment gateway is the middle man that makes online shopping possible on the internet in a safe way.
There are several players in online payments –